SYSTEM AND METHOD FOR CASH DISTRIBUTION AND MANAGEMENT

• US 20070244778A1
• Filed: 03/26/2007
• Published: 10/18/2007
• Est. Priority Date: 03/28/2006
• Status: Abandoned Application

• Current Assignee: Moneynow Network Incorporated
• Original Assignee: Moneynow Network Incorporated
• Inventors: Bailard, Fred
• Application Number:
  US11/691,409
• Publication Number:
  US 20070244778A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A multi-channel delivery system can be used to provide instant, 24 hour access to financial services. A customer can apply for a financial service through any of a number of channels, such as a Web, call center, or branch channel. After receiving a pre-approval, the customer can travel to a branch channel, where necessary, in order to undergo an identity verification process and receive a decision on the application. If approved, the financial service can be provided within about five minutes of approval, such as by transferring funds to a debit card. For subsequent financial service requests, the customer can access the system through one of the channels at any time of the day to receive an automated decision and, if approved, funding of the request within five minutes of approval.

Claims

1. A system for providing financial services, comprising:

a central decisioning system configured to accept application data for a customer requesting a financial service and determine whether to approve the request;

a Web access channel providing a first point of access to the central decisioning system;

a telephony channel providing a second point of access to the central decisioning system;

a branch location channel providing a third point of access to the central decisioning system; and

a funds management system operable to provide the requested financial service for an approved customer within about five minutes of an approval.

2. A system according to claim 1, wherein:

the selected financial service is selected from the group consisting of cash advances, cashless check cashing, money transfers, credit card applications, bill pay, product/service purchase, mortgage loans, discount programs, identity of theft services, internet access, shopping, financial service referrals, financial service discounts, check deposits, electronic check books, and online credit management.

3. A system according to claim 1, wherein:

the funds management system is further operable to provide the financial service by funding a debit card assigned to the customer by an approved amount of the requested financial service.

4. A system according to claim 1, wherein:

each of the Web access, telephony, and branch locations are operable to receive initial customer information for the customer and transmit that initial customer information to the central decisioning system for receiving a preliminary approval decision regarding the requested financial service.

5. A system according to claim 4, wherein:

the branch location is further operable to receive customer authentication information to be transmitted to the central decisioning system with the initial customer information for receiving a final approval decision regarding the requested financial service.

6. A system according to claim 5, wherein:

the customer authentication information includes information selected from the group consisting of biometric information, image information, digital signatures, audio signatures, usernames, user numbers, and PIN numbers.

7. A system according to claim 1, wherein:

the central decisioning system is further operable to receive customer data from third party data sourcing tools.

8. A system according to claim 1, wherein:

the central decisioning system further includes an automated decisioning engine capable of using the application data with a predictive decisioning model to determine whether to approve the request.

9. A system according to claim 1, wherein:

the customer has no preexisting relationship with the system.

10. A system according to claim 1, wherein:

the customer provides no immediate transfer of funds to the system.

17. A system according to claim 1, wherein:

making at least one of the preliminary and final approval decisions includes using an automated decisioning engine capable of using the application data with a predictive decisioning model.

11. A method for providing financial services, comprising:

receiving application data for a requested financial service for a customer through any of a Web access channel, telephony channel, and branch channel;

making a preliminary approval determination for the customer using a central decisioning system and providing the preliminary approval determination to the customer;

receiving authentication data for the customer, having received a favorable preliminary approval determination, through a branch channel;

making a final approval determination for the customer using the central decisioning system and providing the final approval determination to the customer; and

providing the requested financial service for the customer receiving a favorable final approval determination within about five minutes of the second approval determination.

12. A method according to claim 11, further comprising:

requiring the customer to approve at least one agreement before providing the requested financial service.

13. A method according to claim 11, wherein:

the selected financial service is selected from the group consisting of cash advances, cashless check cashing, money transfers, credit card applications, bill pay, product/service purchase, mortgage loans, discount programs, identity of theft services, internet access, shopping, financial service referrals, financial service discounts, check deposits, electronic check books, and online credit management.

14. A method according to claim 11, wherein:

providing the requested financial service includes funding a debit card assigned to the customer by an approved amount of the requested financial service.

15. A method according to claim 11, wherein:

receiving authentication data includes receiving information selected from the group consisting of biometric information, image information, digital signatures, audio signatures, usernames, user numbers, and PIN numbers.

16. A method according to claim 11, wherein:

making at least one of the preliminary and final approval decisions includes receiving customer data from third party data sourcing tools.

18. A method for providing financial services, comprising:

receiving a request for a financial service from an existing customer to a central decisioning engine through any of a Web access channel, telephony channel, and branch channel;

using existing customer information with a predictive decisioning model to automatically determine whether to provide the requested financial service;

providing an approval determination to the customer; and

providing the requested financial service for the customer receiving a favorable approval determination, within about five minutes of the approval determination.

19. A method according to claim 18, wherein:

providing the requested financial service includes funding a debit card assigned to the customer by an approved amount of the requested financial service.

20. A method according to claim 18, wherein:

.

the selected financial service is selected from the group consisting of cash advances, cashless check cashing, money transfers, credit card applications, bill pay, product/service purchase, mortgage loans, discount programs, identity of theft services, internet access, shopping, financial service referrals, financial service discounts, check deposits, electronic check books, and online credit management.

21. A system for providing financial services with 24 hour availability, comprising:

a satellite workstation including a display device and an input device, the satellite workstation allowing a customer to input application data for a requested financial service;

a central decisioning system in communication with the satellite workstation, the central decisioning system operable to use the application data and existing customer data with a predictive decisioning model to automatically determine whether to provide the requested financial service; and

a funds management system operable to provide the requested financial service for the customer within about five minutes of approval of the requested financial service.

22. A system according to claim 21, wherein:

the selected financial service is selected from the group consisting of cash advances, cashless check cashing, money transfers, credit card applications, bill pay, product/service purchase, mortgage loans, discount programs, identity of theft services, internet access, shopping, financial service referrals, financial service discounts, check deposits, electronic check books, and online credit management.

23. A system according to claim 21, wherein:

the funds management system is further operable to provide the requested financial service by funding a debit card assigned to the customer by an approved amount of the requested financial service.

24. A system according to claim 21, wherein:

the satellite workstation is further operable to receive customer authentication information to be transmitted to the central decisioning system with the application data.

25. A system according to claim 24, wherein:

the customer authentication information includes information selected from the group consisting of biometric information, image information, digital signatures, audio signatures, usernames, user numbers, and PIN numbers.